Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Give me all options solution which option is correct and which option is incorrect with response.
Transcribed Image Text:Which of the following statements accurately describes the tax treatment of Canadian corporations?
Multiple Choice
Public and private Canadian corporations are eligible for the small business deduction.
Public and private Canadian corporations may be eligible for the general rate reduction.
Public corporations are granted beneficial tax treatment on the first $500,000 of business income.
Canadian controlled private corporations recognize the general tax reduction on all business income.
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